By Allianz, the German insurer, announced a significant increase in net profit for the second quarter of this year. The growth was primarily driven by the strong performance of its property-and-casualty segment, which offset the relatively subdued results in asset management.
According to the company, the net profit for the quarter reached €2.34 billion ($2.57 billion), up from €1.98 billion in the same quarter of the previous year. Moreover, the operating profit showed a 7.1% increase, reaching €3.78 billion, thanks to robust performances in both the life-health and property-casualty businesses.
Analysts had predicted a net profit of €2.27 billion and an operating profit of €3.615 billion, according to consensus estimates provided by the company.
The overall business volume also displayed positive growth, increasing by 5.9% to reach €39.6 billion.
However, the asset-management business experienced a 2% decrease in revenue, with third-party assets under management declining by €6 billion to €1.66 trillion as of June 30. Net outflows for the quarter amounted to €5.9 billion.
Allianz has reiterated its target of achieving an operating profit of €14.2 billion for 2023, with a margin of plus or minus €1 billion.
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